Police conduct raids in million-euro embezzlement case

Organised Crime Police officers under the coordination of a prosecutor with the Department for Investigating Organised Crime and Terrorism (DIICOT) on Tuesday conducted searches at several addresses in Timisoara and Bucharest in an embezzlement case that has incurred losses on the Timisoara-based AEM electric meter maker, according to Agerpres.

According to judicial sources, the damage would run into tens of millions of euros, incurred from 2011 to 2017, when more finished meters were registered in the books than in reality.

Several people will be taken to the DIICOT Timisoara headquarters for hearings, under the suspicion of committing several crimes, including the establishment of an organised crime ring, misrepresentations under private signature, use of misrepresentations and embezzlement.

The AEM factory turned 50 in 2020.